To ask what people consider rich....

[Imoen]

I'm possibly going to be flamed but Im genuinely curious. I keep reading on thread about its ok for the "rich" or the rich are getting richer etc....

I've also had several conversations with friends/family and often the throw away comment is "its ok for you, you're rich".

Thing is, I don't think we are. To me rich is not having to worry about working again.

WE both have very very good salaries which I'm grateful for an I know we're lucky (me 90K, him 60K) and we have a mortgage on a 4 bed house worth 280K. (130K left to pay).

But I would not say we are "rich".

Who would be in the worst place if things went "belly-up" and they lost their large yearly incomes the people classed as rich or the people on a lesser income personally I would rather be the latter at least I would know how to manage.
Don't ever think may not happen as I have seen it happen to people I have known over the years.

Household salary over 60k = Minted. House worth more than 300k (outwith London), rich

TeaForTheWin by that definition I’m wealthy. Except I’m not!

We bought a large detached house in poor condition for an absolute pittance and did it up ourselves. I mean like serious building work and ripping out green mouldy walls and ceilings, not just basic decorating. Lived in a building site, got washed in a bucket, missed out on having a wedding and honeymoon, no holidays either, we don’t drink... because we spent every penny on the house. It’s taken about 7-8 years and the house is now worth £400k. There’s no way we could afford to buy it at that price.

DH earns about £60k and drives a brand new company car worth maybe £40k, but we’re still poor because I’m unemployed/SAHM. I buy “essentials” food, penny pinch with coupons, drive a dented third-hand car, and I don’t remember the last time I bought any clothes that weren’t from Primark. We have never EVER been on a foreign holiday.

To me, being rich is when you don’t have a mortgage and can basically buy whatever you want without thinking about it. It means never saying “I want that but it’s too expensive”.

It's a lifestyle choice to buy a big detached house (whatever condition) and be a sahm. Don't get me wrong it's admirable to work hard on the house and make it what you want it to be, but those choices are out of reach of lots of people. £60K salary is very nice indeed.

60k is a nice salary, it’s your choice if I be a SAHM, a choice that many couldn’t make.

I’ll echo you chose to buy a big wreck of a house and plow all your money into it, again it’s a choice many wouldn’t have.

We don’t have savings really and still have to scrimp a bit at the end of the month, but that doesn’t make us poor. I used to be poor, so I know the difference. We at times run out of money as we have over stretched, as we’ve booked a holiday or I’ve had to pay out a chunk for the kids expensive clubs etc, but I’m not poor because I can do those things. When I was poor those things would have been a pipe dream and not something I could have ever considered doing. Having enough to buy food each week was a relief back then.

Yes rich will definitely be different depending on the part of the country you live in, circumstances etc. As lots have said we are a rich country anyway.
Neither my husband or I earned enough to pay tax last year. But we do have a 4 bed detached house in a village in the east of England. Mortgage free. We both drive fairly nice cars, our oldest son also has his own car. I’d say we are far from rich. But there will be millions who would love to have what we have and be in our position.
We have to watch what we spend and I can’t just go out and buy what I want. Though we both have savings so anything urgent that needed replacing it wouldn’t be a problem.
But surely being happy is more important than being rich. I’m not sure money buys happiness. But it possibly helps.
Those of you on huge salaries....I’d love to know what you do to earn that kind of money.

Rich for me is definitely millionaires, with investments/property portfolios. Lifestyle would be top of the range cars, flying first class, private school, cleaner, gardener etc.

A lot of people would look at us and think we’re rich but I don’t feel rich. Just very comfortable.

We have a net monthly income of £7k
House worth £400k with £150k equity
£150k cash savings
1 investment property with a small amount of equity (£20k)
2 cars - both around £40k each but they are financed
We holiday 3 times a year (Economy + Europe mainly) + UK breaks

We shop in Tesco, buy clothes from Next, use vouchers for days out etc. We clean our own house. The only high end brand things we own are our watches. So from that perspective I really don’t feel rich iyswim?

@MLMsuperfan

Thanks, I really appreciate it. Wealthy to me means being happy in every single way.

Money is not without happiness, and you can never ever buy happiness.

You look pretty damn rich to me, Comfortable .

@comfortablebutnotrich

Sorry you’re rich!

Compared to the majority anyway.

Probably about average by mumsnet standards, but I think this place is certainly richer than average.

My DH earns £300k I don't work, we have three business with a total value of £5m we have a £300k mortgage on an £800k house, our day is at a private school. We live in Surrey where life is expensive and a lot of people have more than us, I would say we're wealthy, not rich.

Sorry for the typos, I meant businesses and DS, not day!

I find it distasteful to say you earn hundreds of thousands per year and claim you aren’t rich.

We are rich, courtesy of my husband’s job. He earns several million per year; I earn roughly 50-60k. No private school, as we are in the US and the public schooling in our town is outstanding (think Big Little Lies, but without the grisly murder 😁) but we have two houses, go on multiple vacations per year, have personal trainers, a gardener, a part-time nanny, a housekeeper etc.

No we aren’t the people who have jets and $40m apartments, but it would be insanity to claim our position as anything other than wealthy.

I find it distasteful to say you earn hundreds of thousands per year and claim you aren’t rich.

why? they are not claiming to be destitute, there's a huge gap between being poor and being rich. Being in the middle doesn't make you rich.

I appreciate the opinions. But in comparison to @stopgap and @roseyposeypuddingandpie we’re not rich. I would find it frivolous to spend money on a cleaner, personal trainer, private school etc. And actually if we did those things our actual disposable income would decrease quite drastically. In stead we choose not to spend our money on these luxuries and save as much money as possible, yet whist still having a good standard of living.

Our savings we are going to invest in properties for our pensions/children

So I still stand by the comment that whilst we are comfortable, and grateful for our position, we are not rich.

But having those choices to invest, to set your kids up for life, to holiday abroad three times a year, to sit on £150K cash savings - that's wealth. Sure there are richer people, but you're far more than comfortable.

why? they are not claiming to be destitute, there's a huge gap between being poor and being rich. Being in the middle doesn't make you rich

But as people keep saying, being in the top few percent does not put you in the middle! You may be a long way off the top 1%, but you're still nowhere near the middle!

(the proverbial "you" btw)

Only Jeff Bezoz and Bill Gates are rich.

All other people on good incomes are struggling; what with the huge London mortgages, nannies, school fees and exotic holidays 4 times a year; it doesn't leave a lot.

It's all semantics really. If you think rich means owning yachts and private planes, then very very few people are rich.

The idea that you can't buy happiness is a lie.

I would be extremely happy if I could afford to buy my dream house and spend my days doing things I love, instead of going to my ridiculous job every day.

It is true that some people are rich but still unhappy. Some people are never happy going to be happy no matter what.

mindproject we do all of that, and have plenty left over to save.

morondela I’m sure it’s because I grew up working class, so have a more grounded perspective when it comes to categorizing the haves and the have nots.

stopgap - you must be one of the very few people on this thread who admits to being rich then. I hope you appreciate it.

All other people on good incomes are struggling; what with the huge London mortgages, nannies, school fees and exotic holidays 4 times a year; it doesn't leave a lot.

mindproject I do have a chronic health condition, so actually look upon people with great health with envy much more than I do people who have more money.

Regarding having money, I appreciate it every damn day.

Sorry to hear that stopgap. Glad you appreciate what you do have.

ll other people on good incomes are struggling; what with the huge London mortgages, nannies, school fees and exotic holidays 4 times a year; it doesn't leave a lot.

Apart from the holidays, everything else is a bill. What's hard to understand?

I don't qualify holidays as a luxury either to be honest. Life is not just about surviving. What's the point of working if you can't afford some time off with your family? We might as well go and live in a cave eating roots. We'll have shelter and food after all.